Its Friday once more and the day of the week where we take a look back at how a selection of cryptocurrencies have performed in the markets in the past week. To put it bluntly, not that great with every coin in our report losing a value of at least 15% on this time last week.
Bitcoin, in particular, has lost a massive amount of value and it seems that the other major coins have decided to follow suit. Check out the full report below and you will learn more about these drops in value.
As usual, we will kick things off with Bitcoin and it really is amazing the number one cryptocurrency has had in the past year. Just last year this coin was sitting on a value of just over $1,000 before rocketing up in value in November and December to be worth a high of just over $19,000. Since then, however, the value of this coin has been falling to be worth $6,872.51.
Of course, this is still more than 500% up on this time last year but this dramatic fall in value will be having holders quite worried. Just last week it was valued at $8,395.11, which means that the BTC has lost another 17% and close to $1,500 of its value in just the last seven days alone.
When Bitcoin drops in value it usually leads to a domino effect all the way through the cryptocurrencies and Ethereum is the first to follow suit. While the swings with this coin will not be quite as dramatic with regards to the value, it has still dropped 24.37% of its value throughout the last seven days to now be valued at $390.03. That is a drop of $124.60 since last Friday when it was valued at $514.79, which as you will agree, is a substantial drop.
Litecoin certainly has not bucked the trend either as its value of $158.21 from last week has been slashed by 25% and around $40. As of right now, the LTC is valued at $118.37 and this fall in value has been a gradual one over the last seven days rather than any violent swings. Day upon the day it has lost value and it was actually valued at $110 at one point today.
It will be interesting to see how the next seven days pan out for all of these cryptocurrencies as so far it has not been a good previous week in terms of value.
When we left Monero last week the cryptocurrency had a value of $200.67 at the cryptocurrency exchanges. Unfortunately, just like the above coins, XMR has fallen in value compared to last week. As of writing, XMR is valued at $173,87 which is a drop of around 15% and just over $30 on its value.
This coin did have a bit of a mini-revival midway through the week but it did not take too long to drop back down. It could have been worse too as it was valued at around $160 earlier today.
Neo is yet another cryptocurrency that has lost a good chunk of its value in the last seven days. Last Friday it was sitting at a value of $64.83 but it has gradually lost value all through the week and is now valued at $50.50. That is a drop of 22.36% which equates to $14.54 off of the value of this coin since last week.
Neo is one coin that was tipped to have a good year in 2018 but at the moment that is not looking likely.
Initially worth $0.6194 in our last weekly report, the XRP has joined those above in dropping value and is now valued at $0.4918. That is a drop of more than 20% on last week which is very similar to the drop that Bitcoin has experienced since last Friday.
Will these coins continue to lose value for another week? It will certainly be interesting to find out.
Augur is one of the newer coins that we have been following and even this one has not been able to stop its value from plummeting in the last week. REP was worth a healthy $32.99 on Friday last week but a gradual 20% drop in value has brought it right down to a value of $26.44. it did have a value that hit a high of $39.95 which occurred shortly after our review but since then it has all been downhill.
Digix had a fantastic week a couple of weeks back where it gained in value by 50% but ever since then, it has been losing a good chunk of that increase. Last week it had lost 10% of its value and now this week it has lost a further 15%. It was valued at 0.04129 BTC when we left the DGD coin last week and apart from a bit of a revival on Monday, it has gradually fallen to a value of 0.03456 BTC throughout the week.
So there you have it, a week where every single cryptocurrency that we have been following has had a drop of at least 15% of its value. This is the first week that this has happened but it just shows you how volatile the cryptocurrency markets can be. Holders of Bitcoin in particular will be very used to swings of more than a thousand but even they must be getting a little worried at the continued fall in value.
Let’s see if the next seven days will bring any sign of recovery or another fall in value for some of the more well-known cryptocurrencies out there.
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